Arbitrum Proposal to Release $71M in Frozen Ether Nears Approval
- Over 90.5% of votes supported the proposal to release approximately $71 million in Ether (ETH), equating to about 173.9 million Arbitrum (ARB) tokens.
- The proposal aims to unfreeze 30,765 ETH that was locked after the Kelp DAO exploit on April 21.
- The “DeFi United” recovery initiative has pledged a total of 43,000 ETH (around $101 million) from various protocols to mitigate the exploit’s impact.
- A second proposal is set to approve moving 6,000 ETH from the Arbitrum DAO treasury into its Treasury Management Portfolio.
- The voting period for the second proposal closes Friday at approximately 2:22 pm UTC.
The successful passage of the first proposal will facilitate part of the recovery for rsETH, which still faces a shortfall of about 76,127 rsETH, valued at roughly $174.5 million.
If approved, these measures aim to stabilize conditions within the broader DeFi ecosystem while addressing liquidity issues stemming from recent exploits.(Source)
